Do you know where the terms of your HOA Master Policy end and your financial responsibilities begin? The team at Midwest Professional Insurance explains key insurance coverage for condo owners in the guide below.
What is a Homeowners Association Master Policy?
Most homeowners associations and condo associations have policies to help protect residents from the costs of claims for property damage or personal injuries. A Homeowners Association Master Policy is a group-held insurance policy that helps offset the damage claims against shared property that arise in common areas.
Examples of Common Areas Typically Covered by An HOA Master Policy
- Landscaped Grounds and Community Walkways
- Central Lobbies and Hallways
- Parking Lots and Garages
- Roofs and Exterior Walls
- Swimming Pools and Fitness Centers
This list represents examples of typical coverage included in HOA Master Policies.
Condo insurance policyholders should note that the limits and coverage for HOA Master Policies will typically not protect their homes and valuables. Condo owners seeking to protect the interiors of their homes and have adequate insurance against potential liability claims should learn the limits of their Master Policies.
Learn About Condo Insurance in Kansas
A licensed condo insurance agent at Midwest Professional Insurance can help local residents understand the limits of their HOA Master Association Policy and ensure that they have a well-structured condo insurance policy. A comprehensive insurance policy picks up where the HOA Master Policy ends.
Comprehensive condominium insurance helps Kansas residents protect the interior of their condo and valuables from theft, vandalism, natural disasters, and other covered perils. Contact Midwest Professional Insurance to talk to a trusted agent who can advise you on protecting your Kansas condominium from perils that can lead to devastating out-of-pocket expenses and compounding legal fees.
